Is Ottawa's Housing Market Cooling?
According to the Ottawa real estate board there was an 11.2%
drop in houses sold when comparing January 2013 to 2012. Many people have
noticed the the decline in the housing market in mid-2012 and felt that it
would eventually go back up. Now with the numbers rolling in for 2013 it seems
that downward spiarl is still continuing. Ottawa real estate market
isn't the only suffering of course, if we look at Vancouver's housing market we
find that it's even worse with
sales down 36% when compared to a year ago.
Economists at the Toronto Dominion put out a paper recently looking at long-term trends. They predicted that they expect housing prices to keep up with inflation over the coming years with a 3.5% growth annually. To keep things in perspective Canadians are used to a 7% growth annually in the past 10 years. This is sitll far from a housing meltdown so it's not all grim news. 2013 has only just started so we'll see how those predictions hold out.
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